uan invested $21,000 in a mutual fund 6 yr ago. Today his investment is worth $36,002. Find the effective annual rate of return on his investment over the 6-yr period. (Round your answer to two decimal places.)
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uan invested $21,000 in a mutual fund 6 yr ago. Today his investment is worth $36,002. Find the effective annual rate of
Effective Annual rate = [1 + { ( Ending Value - Investment ) / Investment } ]1/n - 1
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